Provident Bankshares Corp., Baltimore, has reported a net loss of $15.5 million ($0.49 per share) for the fourth quarter, chiefly as a result of a writedown of its REIT trust preferred securities. Provident recorded net income of $11.3 million ($0.34 per share) a year earlier. The company said the loss stemmed from the writedown of "a significant portion" of its $95 million portfolio of real estate investment trust securities and an increase in the provision for loan losses "to reflect the inherent risk in its real estate loan portfolios," among other things. "We took these prudent steps with our investment portfolio even though the securities that are being written down are performing," said Gary N. Geisel, Provident's chairman and chief executive officer. "Given their lack of market liquidity and recent credit rating decline, this was a prudent decision based on a rational analysis of the national housing and residential mortgage industries." The company can be found online at http://www.provbank.com.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
11h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24